Established in 2013 by Northumberland CFDC, with the support of FedDev Ontario, N100 is Northumberland’s biennial open invitational technology startup competition for up to $250,000 in early-stage investment in the form of the N100 convertible note.
The N100 Convertible Note
Basic terms, normally as follows:
- Up to a maximum of $250,000.
- 8% interest.
- Conversion at the option of Northumberland CFDC after future significant financing event.
- 20% discount.
- No valuation cap.
- Additional terms and conditions may apply.
Overview of the Process
Entrants must apply by July 13, 2018 through Northumberland CFDC’s web-based universal client application form, specifically indicating their intention to apply for N100.
Selection of the Top 8 Semi-Finalists by Northumberland CFDC using the following criteria, equally weighted:
- Technology and innovation-driven core competitive advantage.
- Business viability and scalability with large, addressable markets.
- Strength of Founder team (track record, leadership and ability to get things done).
- Potential for presence and impact in Northumberland.
Selection of Top 3 Finalists by a judging panel comprised of members of the N100 Power Panel, at the N100 Pitch Competition live event. The following equally weighted criteria are used to assess the 3-minute verbal pitch:
- Pitch Content.
- Pitch Style/Delivery.
- Proposed impact to Northumberland.
Following the Pitch Competition, Finalists will respond to due diligence requests and submit short, concise business plans to Northumberland CFDC.
Following board room presentations by the Top 3 Finalists, the Board of Directors of Northumberland CFDC select the winner(s), dividing up to $250,000 at their discretion, based on their evaluation of the competitive merit of each investment proposal.
Entrepreneurial Development and Support
N100 Semi-Finalists and Finalists receive entrepreneurial development and support throughout the competition, whether they ultimately win or not, including pitch workshops, one-on-one mentoring from members of the Power Panel and our innovation partners, business feedback and strategy consulting from Northumberland CFDC, as well as software sponsorships from MathWorks and Budgeto.
|Dates (2018)||Event||Down Selection|
|Thu May 17||Launch of N100 Evolution at the Grand Opening of Venture13.|
|Fri Jul 13||Deadline for applications.|
|Mon Aug 27||Semi-Finalist selection.||8 Semi-Finalists|
|N100 Pitch School workshops with DeltaV, the Impact Centre at the University of Toronto, and Spark Centre.|
|Thu Sep 13||N100 Pitch Contest (live at Venture13).||3 Finalists|
|Fri Oct 5||Business plans due.|
|Thu Oct 11||Investment Committee review and due diligence.|
|Mon Oct 15||Board Room presentation skills workshop and simulation.|
|Wed Oct 17||Board Room Presentations.||1-3 Winner(s)|
The Fine Print
Entry via Reviewr must be received by no later than Friday, July 13, 2018 at 11:59 PM EST.
There is no entry fee.
Entries may be submitted by individuals, partnerships or corporations. Entrants must ultimately incorporate their startup company in order to be eligible for investment.
Each individual Entrant may enter one idea. The idea must involve a plan to commercialize a new technology (a product or service).
The Entrant’s company must use technology as a core aspect of their business, such that the business is not possible without that technology.
Consulting businesses are not eligible.
Companies that have previously won N100 are not eligible to re-apply.
Entries must be accurate and complete.
Northumberland CFDC may request additional documentation and substantiation.
Entrants must disclose any funding already received at the time of registration. Any source of funding that has an equity ownership component must be disclosed.
The Northumberland CFDC reserves the right to disqualify any entry that, in its sole judgment, violates the letter or the spirit of these rules.
The decisions of Northumberland CFDC are final and binding.
The identities of the Entrants and the short description of the business disclosed in their application and suitable for public awareness, as well as any pitch delivered during any N100 event, are considered of public domain and can be used by the Northumberland CFDC for marketing and publicity purposes.
Before submitting entries, the Northumberland CFDC urges Entrants to confirm with appropriate advisers or legal counsel that any intellectual property described in their summary is protected; i.e., by appropriate intellectual property filings, notices, (patent, copyright, etc.). Concerning intellectual property, Northumberland CFDC advises Entrants to seek independent legal counsel.
All N100 Startup Competition applications submitted by Entrants must be received by no later than July 13, 2018 at 11:59 PM EST.
All Entrants will be notified by August 31, 2018 and advised whether or not they have been selected as a Semi-Finalist.
The Semi-Finalist Pitch Contest will be held on September 13, 2018.
Out of the set of all applications received, approximately 8 Entrants (the Semi-Finalists) will be invited to make their pitch directly to the N100 Power Panel in person at the N100 Pitch Contest.
Semi-Finalists must appear in person at Venture13 (739 D’Arcy St. Cobourg, Ontario, K9A OH6) to make a presentation before a live studio audience. Entrants will have 3 minutes to present their idea with a 5-10 minute Q&A to follow. Order of presentation will alphabetical based on the company name. No props or similar visual aids may be used. Violations of this rule will result in disqualification. Based on their pitch, of the approximately 8 Semi-Finalists, 3 will be selected by the N100 Power Panel advance to the Finals.
N100 Pitch School workshops will be held September 6-7, 2018, during which Semi-Finalists will collectively take part in workshops to help them prepare for the Pitch Contest. Attendance at Pitch School is mandatory and failure to attend will result in disqualification.
Northumberland CFDC reserves the right to seek the independent, confidential opinion of third party experts regarding business viability and evaluation of the proposed technology.
Finalists will be selected to make separate private and formal presentations to the Northumberland CFDC Board of Directors on October 17, 2018. These presentations shall be nor more than 20 minutes in length followed by a Q&A period lasting approximately 30 minutes. In order to help the Finalists prepare, Northumberland CFDC will hold a board room presentation skills workshop and investment proposal simulation on October 15, 2018.
Northumberland CFDC may require additional documentation and substantiation of the Entrant’s original application, investment proposal, business plan or other submissions.
Competition for Investment
Rather than being awarded a “cash prize”, the Top 3 Entrants are competing for a share of up to $250,000 in investment negotiated directly with Northumberland CFDC. Entrants must incorporate (or have previously incorporated) a company in order to be eligible for this investment.
Northumberland CFDC does not guarantee any amount of investment to Entrants in the N100 Startup Competition.
Description of Key Decision-Makers and Advisors
N100 is comprised of three main groups: Northumberland CFDC, the N100 Power Panel, and N100 Advisors.
The N100 Power Panel is comprised of experts in early-stage investment, technology entrepreneurship and intellectual property and business law.
- Is an independent innovation NGO funded by FedDev Ontario and providing financing and strategy for entrepreneurs as a pathway to economic development and diversification. Northumberland CFDC is a Member of the CVCA and Industry Partner of NACO and AIO.
- Delivers and coordinates the N100 Startup Competition and selects the Top 8 Semi-Finalists and, following full board room presentations from the Top 3 Finalists, awards investment(s) and declares the winner(s) at the organization’s sole and unfettered discretion.
The Power Panel:
- Is a group of external reviewers who are volunteers and serve in an ad hoc advisory capacity to Northumberland CFDC throughout the N100 Startup Competition.
- Interacts directly with Entrants (in particular, at the N100 Pitch Contest event) and evaluates startups for investment.
- Is responsible for selecting the Top 3 N100 Finalists.
- A group of volunteer experts from across the regional innovation ecosystem who provide entrepreneurial development support to startups (such as pitch and board room simulation coaching, advice and feedback) as well as advising Northumberland CFDC in delivery and coordination of N100.
All Entrants are asked to participate in media and press opportunities related to the N100 Startup Competition. This includes, but is not limited to, the following opportunities:
- Any Entrant may be asked to provide a 150-200 word description that will be made available to media and may be released publicly, either in part or in its entirety.
- Any Entrant may be asked to speak to the media for competition-related interviews when requested by the organizing committee.
- Any Entrant may be asked to provide quotes and/or content for any competition related press releases. Participating in media and press opportunities in no way, shape, or form requires teams to disclose any proprietary or otherwise confidential information related to their businesses. Northumberland CFDC agrees to provide consultation to any Entrant, upon request, to avoid such disclosures while participating in press related opportunities, should the Entrant express their desire for such consultation and support relative to their intellectual property.
N100 Startup Competition Entrants agree that they will not use the name of “Northumberland CFDC”, “Northumberland Business Development Assistance Corp.”, “Northumberland Community Futures Development Corporation”, “N100″ or any variation, adaptation, or abbreviation thereof, or any trademark owned by Northumberland CFDC in any advertising or publicity without the prior written permission of Northumberland CFDC.
Northumberland CFDC makes no representations or warranties of any kind concerning the N100 Startup Competition, express or implied. In no event shall Northumberland CFDC be liable for any advice, information or decision made for or on behalf of the N100 Startup Competition or for incidental or consequential damages of any kind, including economic damages or injury to property and lost profits, regardless of whether Northumberland CFDC shall be advised shall have other reason to know or in fact know of the possibility of the foregoing.
Northumberland CFDC reserves the right to update the Rules of the competition at any time. It is the responsibility of each and every Entrant to be aware of any updates, although Northumberland CFDC will endeavour to ensure that all participants are advised of any changes made to the Rules, which will be published online and notice will be given on www.n100.ca, the official N100 website. In the event that there is any disagreement between the preceding Rules and any other documents, the Rules published here will prevail.